Matrixport analysts have published a new report with updated forecasts for the price of Bitcoin (BTC) in the near future.
According to a new Matrixport document, experts believe that BTC's goal of reaching $63,000 in March 2024 is achievable. In their opinion, there are several conditions among the primary growth factors.
Pointing to continued inflows into Bitcoin following the approval of the spot ETF, the report highlights growing interest from institutional investors.
Another crucial factor is the upcoming Bitcoin halving event. There have been halving events in the past that caused Bitcoin prices to rise. However, whether this effect will be observed this time is still unclear.
Finally, the upcoming US presidential election and political uncertainty could impact Bitcoin prices. However, the impact of such political events on cryptocurrency markets is very complex, making accurate predictions difficult.
Previously, Matrixport described February as a good month to invest in Bitcoin. Analysts cite a seasonal pattern over the past 10 years, suggesting that February is a good month to invest in Bitcoin. In seven out of ten cases, the average profitability of the first cryptocurrency in February was 8%.
“February tends to be a favorable month for Bitcoin, showing a noticeable seasonal pattern with positive returns in 7 out of the last 10 years and averaging +8%.”
Matrixport
Meanwhile, specialists at the European Central Bank said that the fair value of Bitcoin remains zero. Market Infrastructure and Payments Director Ulrich Binsdahl and Foundation Advisor Jürgen Schaaf said that although the price of IES has risen over the past period from $17,000 to $51,000, the asset will continue to collapse.
